Austen Riggs Center Selects MassMutual for 403(b) Plan
SPRINGFIELD, MA, June 11, 2009 -- MassMutual's Retirement Services Division has been selected by The Austen Riggs Center, Stockbridge, Mass., as the new full-service provider for the company's $7 million defined benefit plan. The decision comes just months after Austen Riggs awarded its 403(b) retirement plan with approximately 130 employees and $5 million in assets under management to MassMutual.
The Austen Riggs Center is a not-for-profit, open psychiatric continuum of care facility specializing in the psychotherapeutic treatment of psychiatric disorders. Internationally known for its respectful work with emotionally-troubled individuals who have failed to benefit from previous treatment, Riggs is located in Stockbridge, Mass., on Norman Rockwell's Main Street. For over 85 years, The Austen Riggs Center has offered long-term residential and hospital-level psychiatric treatment.
"This consolidation provides a tremendous opportunity for Austen Riggs to tap MassMutual's nonprofit expertise while gaining efficiencies with a single provider for both our defined contribution and defined benefit plans," says Chauncey Collins, director of operations, Austen Riggs. "We wanted our employees to benefit from the same commitment to quality that our patients enjoy. MassMutual's employee communications platform and educational materials offered a demonstrated record of success, and we are confident that the MassMutual team will help all of our employees effectively plan and save for retirement," he adds.
"MassMutual is delighted to have the opportunity to help The Austen Riggs Center navigate the complex regulatory landscape prevailing in the 403(b) market," says Elaine Sarsynski, executive vice president of MassMutual's Retirement Services Division and chairman and CEO of MassMutual International LLC. "This is a retirement plan sponsor that truly cares about the well-being of its employees, and we're so pleased to support both their defined benefit and 403(b) retirement plans."
For more information about MassMutual's retirement services for the nonprofit market, please call your retirement plan advisor or contact M. Palmer Whitney, national managing director for MassMutual's nonprofit market at (888) 626-4911, www.massmutual.com/retire.
About MassMutual
MassMutual's Retirement Services Division has been serving retirement plans for more than 60 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately one million participants.
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